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    SBS DIGEST E JOURNAL JUNE 2018

    Key Topics Covered:

    • AUDIT
    • INDIRECT TAX
    • DIRECT TAX
    • FEMA

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

    WORKS CONTRACT UNDER GST

    Objectives:

    • Definition.
    • Position under Service Tax and VAT.
    • Position under GST.
    • Composite supply.
    • Taxability of Works contract.
    • Provisions relating to Input tax credit.

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    Introduction of Presumptive Taxation:

    To reduce the burden of small business taxpayers from various tax compliances, Income Tax Act,1961 has introduced a Simplified Taxation System, widely known as “Presumptive Taxation”.

    What is Presumptive Taxation?

    ?UnderPresumptive Taxation, the Income of the Assessee is computed on presumptive basis i.e. at prescribed percentage of the Gross Receipts and all the expenditure incurred by the Assessee related to business are presumed to be claimed.

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    Background: 

    Under “Pradhan Mantri Awas Yojana – Housing for All” mission for urban areas isbeing implemented with effect from 17.06.2015 to provide centralassistance to implementing agencies through States and UT’s for providing houses to all eligible families / beneficiaries. As a central sector scheme, the existing Credit Linked Subsidy Scheme (CLSS) component of the mission provides interest subsidy on home loans taken by eligible urban poor i.e. Economically Weaker Sections(EWS) /Lower Income Group(LIG) for acquisition

    • construction of house.Coming to taxability under Good and Service tax, for the services being provided to the persons who are eligible for the benefit of CLSS and other weaker section housing schemes are taxed at a lower rate through press release no. 132 dated 22.01.2018.

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    Objective: 

    The objective of this standard is to prescribe 

    • the minimum content of an interim financial report and 
    • the principles for recognition and measurement in complete or condensed financial statements for an interim period

    Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity’s capacity to generate earnings and cash flows and its financial condition and liquidity. 

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